As part of the state’s ongoing investment drive in its various industrial clusters as well as to strengthen the state’s digital Innovation hub, Ogun State Governor, Prince Dapo Abiodun, has visited China alongside his economic team, seeking expansion of the state’s economy.
A statement by Hon. Kayode Akinmade, Special Adviser to the Governor on Media & Strategy stated that Governor Abiodun and his team in the course of the engagement met with Inspur, one of the foremost IT firms in Shandong Province and indeed across China, which took the team through the history of the company’s existence and their inspiring vision for the future.
It said the team marveled at the similarities between their trajectory and the concept for the Ogun Tech Hub, which reaffirmed the conviction of the government that with the right partnerships and support for the state’s ICT companies, Ogun State can take its rightful place as a digital innovation hub in Africa.
“Our conversations with Inspur were focused on how we can translate this meeting into meaningful collaborations that will drive knowledge exchange, create opportunities for our people, and further strengthen the foundation of our digital economy”, the statement was quoted as saying.
Also, the team played host to Mrs. Linshuang Zhang (Esther), the Chairman of Royal Ceramic, a foremost player in Nigeria’s ceramic manufacturing industry, with their state-of-the-art factory situated in Sagamu, Ogun State.
Her presence, according to the statement was not only a mark of respect but also a testament to the growing confidence of industrial giants in the state ‘s administration’s vision for a prosperous Ogun State.
It further stressed that Mrs Zhang during her visit expressed profound appreciation for the remarkable strides Ogun State has made in transforming the state into a truly business-friendly environment, as she commended the deliberate efforts of Governor Dapo Abiodun in building critical infrastructure, strengthening security, and ensuring policies that enable manufacturers like her to thrive.
The statement quoted the Governor saying”, We reaffirmed our commitment to sustaining this trajectory of growth by continuing to create the right atmosphere for investment, innovation, and industrial expansion. It gives us great pride that investors such as Royal Ceramic recognize and celebrate these achievements, further validating our resolve to keep Ogun State at the forefront of Nigeria’s industrial revolution”.
In the same vein, the team had a strategic meeting with the Managing Director of Lee Group, where they were informed about the company ‘s upcoming investments in Ogun State valued at about 50 million dollars.
“This is yet another testament to the attractiveness of our state as the emerging industrial capital of Nigeria, and we remain committed to sustaining policies that make Ogun a preferred destination for global investors.
“We are equally delighted to note that Lee Group is expanding its detergent business, which proudly stands as the number one in Nigeria in terms of sales. This expansion will not only consolidate their market leadership but also create more job opportunities for our people and stimulate economic activities across the value chain.
“In addition, Lee Group is broadening its footprint in the food processing sector with the establishment of two new factories dedicated to exports to the United States and Europe. This bold step underscores the growing confidence of international markets in products made in Ogun State, while also positioning our state as a hub for export-driven industrialization”, the statement read.
In another development, Governor Dapo Abiodun also had an engagement with Governor of Shandong Province, Mr. Zhou Naixiang, as part of efforts to rekindle and strengthen a Shandong-Ogun State Economic and Trade Partnership under the broader Nigeria-China Comprehensive Strategic Partnership (NCSP).
This engagement was in line with the earlier agreement between President Bola Ahmed Tinubu and and President Xi Jinping at the Forum on China–Africa Cooperation (FOCAC) in Beijing, September 2024.
“This engagement is a reflection of our unwavering commitment to the Renewed Hope Initiative of our President exemplified by expanding the frontiers of investment and cooperation for the benefit of our people.
During our discussions, we are exploring opportunities in key sectors such as agriculture, manufacturing, technology, infrastructure, and human capital development”, Abiodun said.
Meanwhile, the Governor on Saturday morning held a strategic meeting with the Mayor of Rizhao, Wang Xinsheng, to deepen economic and cultural ties between the State and the Chinese coastal city.
At the meeting, Governor Abiodun emphasized the centrality of the Olokola Deep Sea Port project to the future of Ogun State, noting that its development would not only position the State as Nigeria’s leading industrial and maritime hub, but also serve as a gateway for enhanced trade between Africa and Asia. He disclosed that discussions with Rizhao – a city renowned for its thriving port economy – were aimed at fostering collaboration that will bring world-class technical expertise and investment into the project.
The Governor further highlighted the State’s rich mineral deposits and the opportunities that exist for exploration and value-added development, stressing the administration’s readiness to partner with reputable global players in the sector. He added that such collaborations would boost industrialization, create jobs and expand Ogun’s revenue base.
Beyond economic pursuits, Governor Abiodun underscored the importance of cultural and people-to-people exchanges between Ogun State and Rizhao, explaining that these ties would foster mutual understanding, strengthen bilateral relations and open new frontiers for educational and tourism cooperation.
The meeting with Mayor Wang Xinsheng, Governor Abiodun noted, is another milestone in Ogun State’s international investment drive, reinforcing the State’s attractiveness as a preferred destination for global partnerships.
The World Bank says Nigeria’s 36 states recorded a 93 per cent increase in revenues between 2023 and 2025 but education received a declining share of the sector’s expenditure.
The bank disclosed this in its latest Nigeria Development Update, which examined how increased public revenues have influenced spending priorities across the federation.
The report was made available to the News Agency of Nigeria by the World Bank in Washington D.C.
According to the report, states’ aggregate revenues rose by approximately 93 per cent in real terms, while expenditure increased by 92 per cent during the period.
The report attributed the improvement partly to exchange-rate reforms, petrol subsidy removal, stronger revenue administration and increased allocations from the federation account.
It said states also benefited from refunds, settlement of longstanding federal obligations, intervention funds, and stronger Value Added Tax collections.
However, education’s share of total state expenditure declined from 14.9 per cent in 2021 to 12.1 per cent in 2025, according to the report.
Health expenditure remained broadly stable at approximately seven per cent, while social protection’s share increased from 1.4 per cent to 4.4 per cent.
The bank said capital expenditure increased significantly, accounting for 61 per cent of state spending, compared with 46 per cent previously.
Transport infrastructure recorded the largest increase, alongside substantial spending on housing, agriculture and other economic investments.
The report quoted Mathew Verghis, the World Bank Country Director for Nigeria, as saying that increased revenues provided the opportunity to improve infrastructure, education, healthcare, and water services.
He said greater spending efficiency, accountability and improved service delivery were essential to ensuring that additional public resources benefited Nigerians.
The bank acknowledged improvements in states’ fiscal reporting, transparency and internally generated revenue.
It, however, stressed that stronger investment in human capital was necessary to translate economic reforms into sustainable employment and improved living standards.
The report also projected average economic growth of 4.4 per cent between 2026 and 2028, subject to sustained reforms and improved service delivery.
It urged federal and state authorities to ensure that increased public revenues translated into tangible improvements in Nigerians’ welfare.
A professor of Comparative Political Economy at the University of Lagos, Adelaja Odukoya, has asserted that Nigeria’s economic policies promote investment without sufficiently strengthening domestic production.
Odukoya argued that the contradiction had weakened the country’s productive foundations, with policies encouraging investment and entrepreneurship while failing to create the technological capacity, productive employment and processing industries needed to drive sustainable development.
Odukoya spoke at the maiden edition of the Adeleke University Toyin Falola Annual Lecture, held on Thursday at the Performing Arts Theatre, Adeleke University, Ede.
The lecture had as its theme, “History, Power and Accumulation: Reimagining Africa in the Globally Disorderly Order.”
Odukoya identified several contradictions in the way the Nigerian state manages economic activity.
He said, “The state promotes investment without creating conditions for technological transfer. It encourages entrepreneurship without generating sufficient productive employment.
“It expands primary-product exports while leaving processing capacity undeveloped. It constructs infrastructure without establishing strong linkages with domestic production.”
According to him, the contradictions explain why increased economic activity and accumulation do not necessarily translate into development.
“Accumulation is not synonymous with development,” Odukoya stated.
He argued that genuine development should be measured by the expansion of productive, technological, institutional and human capabilities.
“A country could attract investment, export minerals and agricultural commodities and record economic activity while still failing to build the domestic industries and technological capabilities required for long-term development,” he said.
His argument was echoed by Prof Toyin Falola, who said Africa’s vast natural resources would continue to reinforce dependency unless governments developed the industrial, technological and institutional capacity to transform them into productive power.
Falola said Africa’s resource problem was not simply one of historical exploitation, but also the continent’s failure to convert its resource endowments into power.
“The issue, however, is not just to repeat the history of exploitation. It is more important to know how Africa turns its great resources into power,” Falola said.
He argued that Africa could not afford to remain a spectator as global economic and geopolitical arrangements continued to change, stressing that resource ownership without the capacity to add value would not guarantee influence.
Falola said the continent required a combination of knowledge, government policy and industrial capacity to change its economic position.
“There must be universities that generate new knowledge; there must be governments that translate this knowledge into policies; there must be industries that add value to the continent’s natural resources,” he said.
He added that Africa needed more than improved infrastructure and stronger economies if it wanted to exercise greater influence in the global system.
“The future of the continent will require more than just better infrastructure, improved economies, and more effective political institutions,” Falola said.
Import waivers meant to ease hunger and insecurity on farms have led to a deficit, ending a two-year run of surpluses, as Nigeria’s agricultural trade balance swung from a N740.27bn surplus in the first half of 2025 to a N56.13bn deficit in H1 2026, according to agriculture and trade experts.
Recent foreign trade data from the National Bureau of Statistics showed that agricultural exports fell by 33.28 per cent, or N985.14bn, to N1.98tn in H1 2026 from N2.96tn in H1 2025.
Agricultural imports fell by only 8.50 per cent, or N188.74bn, to N2.03tn from N2.22tn over the same period. The gap between the two movements produced a N796.40bn swing in the trade balance.
Nigeria recorded a N365.74bn deficit in H1 2023, when imports of N926.25bn far exceeded exports of N560.51bn. The balance then turned to a N194.92bn surplus in H1 2024 before it widened to N740.27bn in H1 2025.
In separate phone interviews with The PUNCH, Agribusiness experts, including the Chairman of the Lagos Chamber of Commerce and Industry’s Agricultural and Allied Group, Tunde Banjoko, explained that recent government policy led to the shift.
Banjoko said, “Some waivers were given for products like palm oil and rice, and the import tariffs were drastically reduced. It became more favourable for people to import than to patronise local producers.”
He said the waivers on food commodities hurt domestic producers, even though lower tariffs on tractors and manufacturing equipment helped them.
According to Banjoko, “The effect is that our imports will rise above our exports. Second, we will discourage local production. Thirdly, we will be reducing employment, because some factories will shut down if they are not able to compete.”
Banjoko also said weak funding for processors compounds the problem. He said foreign direct investment flows mainly into the capital market rather than into production and processing, so local processors cannot scale.
He urged the Federal Government to speed up the Special Agro-Industrial Processing Zones programme. “We should speed up such projects where we can produce enough for our country and start exporting, not look for shortcuts by reducing prices,” Banjoko added.
Meanwhile, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, identified two major factors behind the deficit. He said the first was the Federal Government’s decision to allow some food imports to tackle runaway inflation.
Yusuf said, “The first is the decision of the government to allow for some food imports as a result of the challenges of food inflation, which at a point was getting almost completely out of hand.”
He added that insecurity worsened the supply gap and cut export capacity, stating, “Insecurity led many farmers to leave their farms. Many of them have ended up in IDP camps, and quite a number have completely abandoned farming.”
He added that farmers cannot export without output. Yusuf said, “You can only export when you have the output.”
Yusuf also said high input costs and falling produce prices have discouraged farming. He said, “Most of these inputs are imported, so the exchange rate situation has seriously affected the cost of inputs, and the prices of produce have gone down.”
He urged the Federal Government to cut the cost of fertiliser, agrochemicals, machinery and improved seedlings. He also called for a minimum guaranteed price for agricultural produce.
Yusuf said, “The government can establish a threshold below which, if prices fall, it will give farmers some compensation. That is the way it is done in many other economies.”
